Description:
Budget 2020 Feedback Form
Ministry:
REACH Singapore
E-Poll Period:
02 Dec 2019 - 19 Dec 2019
Status:
Open

Budget 2020 Feedback

Security and External Relations

With ongoing threats of terrorism and cyber warfare, it is important for Singaporeans to play an active role in contributing to national efforts to strengthen domestic security and cybersecurity, and to build community resilience.

Business Growth / Innovation / Costs

Area of Opportunity: There remains very good business potential in Singapore and the region, even in today’s uncertain environment (Consider, for instance, the ongoing US-China trade tensions). We need to press on actively with transformation, and place ourselves in a strong position as a Global-Asia Node of Innovation, Technology and Enterprise to thrive in the longer run.

Progress to date: There are many government schemes to deepen enterprise capabilities and enhance our competitive position. They include the Enterprise Development Grant (EDG), the Market Readiness Assistance grant (MRA), the Productivity Solutions Grant (PSG), SMEs Go Digital, Start Digital, and various Free Trade Agreements (FTAs).

Training / Employment

Area of Opportunity: We wish to encourage Singapore workers to continually adapt and acquire new skills throughout their careers. Meanwhile, employers will need to invest in their workers to have sufficient talent to grow their firms.

Progress to date: There are available training and employment schemes to support firms and workers, such as: • Adapt and Grow (A&G) programmes, which help workers adapt to changing job demands, re-skill for new careers, and stay agile for new opportunities. • SkillsFuture, which supports lifelong learning. Firms that send workers for skills training also receive support, such as course fee subsidies.

Support for Families

Area of Opportunity: With rising singlehood and smaller family sizes, the level of financial and non-financial support from family members may decline.

Progress to date: There are schemes to encourage families to offer mutual care and support, such as housing schemes like the Proximity Housing Grant (PHG) and the Married Child Priority Scheme (MCPS), plus tax reliefs for topping up the CPF accounts of family members.

Support for Seniors

Area of Opportunity: Singapore’s population is ageing rapidly, and people are living longer. Many older workers wish to stay active and continue working. However, there remain some barriers to older worker employment.

Progress to date: There are plans to support seniors who wish to continue working. Steps taken include the raising of the retirement age and re-employment age to 65 and 70 respectively by 2030, alongside increases in the CPF contribution rates for older workers.